Wednesday, August 6, 2014

Compound interest restricted under the Money Lending Act | UHY Dawgen Chartered Accountants Blog

Compound interest restricted under the Money Lending Act | UHY Dawgen Chartered Accountants Blog:






9. Subject as hereinafter provided, any contract made after the commencement of this Act for the loan of money shall be illegal in so far as it provides directly or indirectly for the payment of compound interest or for the rate or amount of interest being increased by reason of any default in the payment of sums due under the contract Get E-Copy of Money Lending Act

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